CLARCOR Provides Update on Retail HVAC Program

October 30, 2009 4:52 PM EDT

FRANKLIN, Tenn.--(BUSINESS WIRE)-- CLARCOR Inc. (NYSE: CLC). As previously announced in CLARCOR Inc.'s third quarter press release, the Company's CLC Air subsidiary has been engaged in a 4 month pilot program with a major retail customer to sell high-end Purolator(R) branded residential HVAC filters in the southeastern United States. Despite earlier indications to the contrary, this retailer recently notified the Company of its decision to discontinue the program and remain with its current supplier for the foreseeable future. While this decision will effectively end the pilot program, CLC Air continues to market its high-end Purolator(R) filters to other retailers around the country. The anticipated discontinuation of the pilot program does not impact the Company's most recently issued 2009 earnings guidance.

CLARCOR's CEO Norm Johnson said, "While we would have loved to continue the program, we take a lot of positives away from this project. In four months, we went from not having a high-end retail line at all to achieving near 100% fill rates of outstanding products for one of the largest retailers in the country. Without any meaningful promotional support or activity, we believe we were able to sell on par with the long-term market leader in this product category.

"Our team did a terrific job in all aspects of this project, and nothing we learned over the past four months changes our view that we have a winning combination of product, packaging and price. We are as excited about the retail marketplace as ever.

"Although we would have loved to hit a home run out of the box, the fact is that we are just beginning our retail efforts. We're actively pursuing the high-end retail marketplace and developing new and exciting residential HVAC products. We are confident that retailers looking for increased margins will work with us in light of our complete line of world-class products, including what we believe is the highest performing residential HVAC filter in the retail marketplace, our well-known Purolator(R) brand name, and our demonstrated ability to supply a large scale retailer at highly competitive prices."

CLARCOR is based in Franklin, Tennessee and is a diversified marketer and manufacturer of mobile, industrial and environmental filtration products and consumer and industrial packaging products sold in domestic and international markets. Common shares of the Company are traded on the New York Stock Exchange under the symbol CLC.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements made in this press release other than statements of historical fact, are forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, among other things: statements and assumptions relating to the Company's ability to develop new high-end retail HVAC products and penetrate the high-end retail HVAC market, the desirability of the Company's HVAC filtration products and the competitive landscape for these products; statements about the Company's product development activities and future growth generally, as well as management's short-term and long-term performance goals; statements relating to the anticipated effects on results of operations or financial condition from recent and expected developments or events; statements relating to the Company's business and growth strategies; and any other statements or assumptions that are not historical facts. The Company believes that its expectations are based on reasonable assumptions. However, these forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the Company's actual results, performance or achievements, or industry results, to differ materially from the Company's expectations of future results, performance or achievements expressed or implied by these forward-looking statements. In addition, the Company's past results of operations do not necessarily indicate its future results. These and other uncertainties are discussed in the "Risk Factors'' section of the Company's 2008 Form 10-K. The future results of the Company may fluctuate as a result of these and other risk factors detailed from time to time in the Company's filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date of this press release. Except as otherwise required by applicable laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements or the risk factors described in this press release, including projected sales and profit levels for any business segment in any given quarter, whether as a result of new information, future events, changed circumstances or any other reason after the date of this press release.

    Source: CLARCOR Inc.

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